Premium Card has its eye on the securitization market again
Premium Card is looking to tap the securitized bond market again this year with a two-tranche, EGP 500 mn issuance, in the final round of a securitization program it launched in 2020, Al Mal quoted Managing Director Osama Farid as saying.
Premium Card’s securitization program was initially slated to total EGP 2 bn, but has been reduced “under pressure of several factors,” Farid was quoted as saying, without providing further details. The program has seen six issuances worth a combined EGP 1.05 bn so far, including an EGP 170 mn short-term securitized bond sale consisting of a single 10-month tranche that closed last week.
Egyptian issuers have sold EGP 6.9 bn worth of securitized bonds since the start of 2021, by our count, while a total of 19 securitized bond issuances with a combined value of EGP 15.8 bn went to market last year.
Also in the pipeline: Cairo Housing and Development’s maiden issuance to the tune of EGP 146 mn, while its sister companies are slated to take a EGP 190 mn issuance to market after receiving regulatory approval.